BofA Securities analyst Alec Stranahan raised the price target on Candel Therapeutics Inc. (NASDAQ: CADL) to $9.00 (from $7.00) while maintaining a Neutral rating.

The analyst comments "Candel’s update for aglatimagene (CAN-2409) in localized intermediate- to high-risk prostate cancer is incrementally positive in our view, with extended follow-up directionally suggesting treatment benefit continues to accrue over time. The company reported 39% improvement in prostate cancer specific disease-free survival (DFS) with favorable trends in key biologic secondary endpoints (more below). We think the data supports the thesis that improved local tumor control and higher 2-year pathologic complete response could translate to meaningful clinical benefit and are increasing our penetration for CAN-2409 in prostate cancer (now $5/sh from $3/sh) which raises our PO to $9 (from $7). That said, we reiterate Neutral as we see a more balanced risk/reward until commercialization becomes clearer."